Global Prairie sues ag tech firm FarmLink for loan default
January 5, 2017 | Bobby Burch
Kansas City-based marketing firm Global Prairie has filed suit against a local ag tech firm for defaulting on a loan, according to a document that was filed Nov. 14 in Jackson County Court.
In the document, Global Prairie alleged that Kansas City-based FarmLink failed to fulfill payments on a promissory note in the amount of $568,390 plus interest. A promissory note is a financial tool used to put the terms of a loan in writing and contains a written promise to pay a stated sum on a specific date.
FarmLink — whose website is now inoperable — offers a suite of tech services for farmers, including its analytics platform TrueHarvest and machinery sharing platform MachineryLink Sharing.
Led by CEO Ron LeMay, the company has raised about $77 million in capital. LeMay is also the managing director of OpenAir Equity Partners, which is a top investor in FarmLink.
FarmLink in February announced that it would split its company into two businesses, FarmLink and MachineryLink Solutions. The court filing includes two other affiliate organizations: FarmLink LLC and FarmLink Analytics.
Anne St. Peter founded Global Prairie in 2008. The firm has since opened offices in Chicago, Cleveland, Denver, Fort Worth, Washington, D.C., Berlin and Brussels.
“This is a legal matter and we intend to limit any comments to our court filings,” said Greg Wolf, an attorney at Dentons that’s representing Global Prairie.
FarmLink has not yet responded to request for comment. The ag tech firm was selected by Startland News as one of Kansas City’s top 10 startups to watch in 2016.
Featured Business
2017 Startups to Watch
stats here
Related Posts on Startland News
KC innovator’s anti-itch spray so natural it was discovered on a front porch lab
Homindy founder Ronan Molloy discovered the benefits of his company’s itch relief spray somewhat by accident. During the summer of 2020, Molloy volunteered to participate in a clinical study for a tea with all-natural ingredients that was supposed to reduce inflammation in his right knee. At that time, he was president of the Innovation Stockyard,…
KC capital implants cattle tech startup with fuel to scale, expanding IVF labs, headcount
Livestock production has seen a remarkable transformation since Kerryann Kocher was growing up on her family’s sixth-generation farm in northeast Iowa, the Vytelle CEO said. Instead of just selecting the cow that looks best and bringing in the neighbor’s bull for breeding, as she remembers it, Kocher and Vytelle — a Kansas City-based precision livestock…
Venture experts: Getting your first check in KC is too difficult, but a record influx of coastal investors isn’t a bad substitute
A new report on Kansas City’s venture-backed companies showed year-over-year growth in multiple areas — impressing industry experts who identified key investment trends in the data. More companies with venture capital backing; higher employee counts; a 58 percent boost in fundraising. Yet growth was not universal. Despite gains in top-line figures, the number of Kansas City-based…
RX Savings Solutions sale would see the startup acquired for up to $875M in KC’s biggest-ever exit
The McKesson Corporation has agreed to purchase Overland Park-prescribed Rx Savings Solutions in a deal worth nearly $1 billion. McKesson announced Monday that it had entered into an agreement with the prescription pricing startup valued at up to $875 million — more than double the $425 million price tag for which Kansas City-built Backlot Cars…